The stock of Microchip Technology Inc. (NASDAQ:MCHP) is a huge mover today! About 2.77 million shares traded hands or 54.75% up from the average. Microchip Technology Inc. (NASDAQ:MCHP) has risen 23.78% since April 5, 2016 and is uptrending. It has outperformed by 21.83% the S&P500.
The move comes after 7 months positive chart setup for the $14.32B company. It was reported on Nov, 8 by Barchart.com. We have $88.84 PT which if reached, will make NASDAQ:MCHP worth $5.44B more.
Microchip Technology Inc. (NASDAQ:MCHP) Ratings Coverage
Out of 12 analysts covering Microchip Technology (NASDAQ:MCHP), 9 rate it a “Buy”, 0 “Sell”, while 3 “Hold”. This means 75% are positive. Microchip Technology has been the topic of 21 analyst reports since August 5, 2015 according to StockzIntelligence Inc. Morgan Stanley upgraded the shares of MCHP in a report on Tuesday, January 19 to “Overweight” rating. The rating was upgraded by B. Riley & Co to “Buy” on Thursday, November 5. Needham upgraded the shares of MCHP in a report on Monday, January 18 to “Buy” rating. Citigroup maintained Microchip Technology Inc. (NASDAQ:MCHP) rating on Tuesday, August 9. Citigroup has “Buy” rating and $64 price target. Jefferies maintained it with “Buy” rating and $68 target price in Tuesday, August 9 report. The firm has “Buy” rating by Jefferies given on Wednesday, August 5. Goldman Sachs upgraded the shares of MCHP in a report on Friday, November 4 to “Neutral” rating. The firm has “Buy” rating by Drexel Hamilton given on Monday, August 24. Goldman Sachs maintained Microchip Technology Inc. (NASDAQ:MCHP) on Tuesday, April 5 with “Sell” rating. The rating was initiated by Bank of America with “Neutral” on Monday, November 9.
According to Zacks Investment Research, “Microchip Technology, Inc. develops and manufactures specialized semiconductor products used by its customers for a wide variety of embedded control applications. Its product portfolio comprises microcontrollers; application-specific standard products; and related mixed-signal and memory products. The company markets its products to the consumer, automotive, office automation, communications and industrial markets.”
Insitutional Activity: The institutional sentiment increased to 1.57 in Q2 2016. Its up 0.41, from 1.16 in 2016Q1. The ratio increased, as 30 funds sold all Microchip Technology Inc. shares owned while 163 reduced positions. 67 funds bought stakes while 236 increased positions. They now own 214.90 million shares or 2.05% more from 210.57 million shares in 2016Q1.
Bancorp Of Montreal Can, a Ontario – Canada-based fund reported 496,014 shares. Mastrapasqua Asset Management last reported 1.99% of its portfolio in the stock. Calamos Ltd accumulated 0.01% or 40,647 shares. Nbt Bank & Trust N A Ny owns 43,971 shares or 0.39% of their US portfolio. Synovus Corp accumulated 0% or 206 shares. Chem State Bank holds 0.5% of its portfolio in Microchip Technology Inc. (NASDAQ:MCHP) for 71,093 shares. Brookmont Mgmt owns 191,277 shares or 3.54% of their US portfolio. Cibc Asset Mngmt Incorporated accumulated 21,233 shares or 0.01% of the stock. Moreover, Loring Wolcott Coolidge Fiduciary Advisors Ltd Liability Partnership Ma has 0.02% invested in Microchip Technology Inc. (NASDAQ:MCHP) for 13,750 shares. The Indiana-based First Finance In has invested 0.03% in Microchip Technology Inc. (NASDAQ:MCHP). Ccm Inv Advisers Lc holds 0.03% of its portfolio in Microchip Technology Inc. (NASDAQ:MCHP) for 6,350 shares. Macquarie reported 51,512 shares or 0.01% of all its holdings. The Florida-based Finemark National Bank & Trust Tru has invested 0.02% in Microchip Technology Inc. (NASDAQ:MCHP). Sector Pension Inv Board has 40,693 shares for 0.02% of their US portfolio. Twin Management last reported 10,300 shares in the company.
Insider Transactions: Since May 20, 2016, the stock had 0 buys, and 17 insider sales for $20.17 million net activity. $1.21M worth of shares were sold by SIMONCIC RICHARD J on Wednesday, August 10. On Monday, August 22 the insider LITTLE MITCHELL R sold $185,227. $1.76M worth of shares were sold by SANGHI STEVE on Thursday, August 18. 10,000 shares with value of $479,200 were sold by CHAPMAN MATTHEW W on Friday, May 20. Another trade for 3,916 shares valued at $190,748 was sold by DREHOBL STEPHEN V. 2,461 Microchip Technology Inc. (NASDAQ:MCHP) shares with value of $149,998 were sold by Bjornholt James Eric. MEYERCORD WADE F also sold $90,751 worth of Microchip Technology Inc. (NASDAQ:MCHP) on Friday, August 12.
Another recent and important Microchip Technology Inc. (NASDAQ:MCHP) news was published by Prnewswire.com which published an article titled: “Core Independent Peripherals Now Available on PIC18 Family” on October 31, 2016.
MCHP Company Profile
Microchip Technology Incorporated, incorporated on February 14, 1989, is engaged in developing, manufacturing and selling specialized semiconductor products used by its clients for a range of embedded control applications. The Firm operates through two divisions: semiconductor products and technology licensing. In the semiconductor products segment, the Company designs, develops, makes and markets microcontrollers, development tools and analog, interface, mixed signal and timing products. The Company’s functional activities include sales, marketing, manufacturing, information technology, human resources, legal and finance.
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